Category Taxation in Switzerland

Switzerland, Austria Will Sign Tax Deal

April 13, 2012 Taxation in AustriaTaxation in Switzerland

Tax deal goes hidden swiss bank accountsVIENNA – The governments of Switzerland and Austria could sign a new tax agreement within a matter of the next few days, potentially leading to the recovery of more than EUR 1 billion in previously unpaid taxes in Austria.

In an interview given to the Austrian media on April 12th the national Minister of Finance Maria Fekter revealed that Austria and Switzerland are ready to sign a tax deal, which could dramatically reduce the use Swiss banks accounts by Austrian taxpayers avoiding their tax obligations.

In her interview Maria Fekter indicated that the Ministry of Finance of Austria are ready, and will, sign the deal as soon as possible, saying that she is scheduled to be in Berne on April 13th to meet the Minister of Finance of Switzerland Eveline Widmer-Schlumpf in order to finalize the...

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Swiss Regulator Calls for More Tax Transparency

March 29, 2012 Taxation in Switzerland

Focus on wealth management and money investing
BERN – Switzerland needs to consider new policies on the international exchange of tax information, if the country wants to maintain its position as a global leader in wealth management.

At its annual press conference, held on March 27th in Bern, the Swiss Financial Market Supervisory Authority (FINMA), stated that the country and national financial institutions needs to review its policies regarding exchanges of international tax information and embrace a greater levels of tax transparency.

According to the director of FINMA Patrick Raaflaub, who led the conference, Switzerland could lose its competitive edge as a destination for wealth management in the future, unless it can shake the negative image placed on the country in recent years following international allegations of tax evasion...

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Switzerland Needs to Rebalance Taxes

January 24, 2012 Taxation in Switzerland

Changes in Swiss TaxationBERN – Switzerland needs to shift its fiscal focus away from personal income taxes towards taxes on consumption and real estate.

On January 24th the Organization for Economic Cooperation and Development released the latest annual Economic Survey of Switzerland, containing a summary of the country’s current economic position and recommendations for future fiscal policies.

According to the authors of the report, Switzerland has experienced healthy and balanced economic growth in the last few years, despite seeing a strong appreciation of the Swiss franc. The report suggested several measures to ensure that the country continues to see sustainable and balanced economic expansion.

Amongst the suggestions, the OECD pointed to several tax measures that would be beneficial to Switzerland, and ...

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New Tax Deal for Swiss Banks

December 19, 2011 Taxation in Switzerland

Swiss Bank SecrecyBERN – Selected Swiss banks are being offered the opportunity to avoid prosecution by US authorities in exchange for information on their operations with US clients.

On December 18th the international mass media revealed that 11 Swiss banks were presented with the deal on December 16th, which will see US authorities drop their investigations into the bank’s practices, if the institutions agree by December 20th to divulge details on their US based clients and operation.

Swiss banks which agree to the deal will need to provide US tax authorities with full administrative assistance in their investigations into US taxpayers using Swiss bank accounts to hide their assets...

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UK-Swiss Tax Agreement is Flawed

October 26, 2011 Taxation in SwitzerlandTaxation in UK

Tax Agreements with the UKLONDON – The tax deal between the UK and Switzerland is coming under fire as public campaigners claim that the agreement is rife with loopholes.

On October 25th the international anti – tax evasion group the Tax Justice Network (TJN) published a new report condemning the recently signed tax agreement between Switzerland and the UK. According to the TJN, the new agreement will not lead to any significant reductions in tax evasion, and could even help some taxpayers to better hide their illicit tax schemes.

The TJN claims that it has identified 10 glaring loopholes in the already signed tax agreement between Switzerland and the UK. These oversights will seriously undermine the legitimacy of the deal, and will ultimately prove to be of little, if any, benefit to the UK.

Under the agreement,...

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